Dollar recovers losses


stack,coins,gold,dollar,money,currency,dollarThe Australian dollar has recovered some of its losses following the release of Chinese economic data.

At 0700 AEST on Thursday, the local currency was trading at 93.69 US cents, up from 93.42 cents on Wednesday.

The Australian dollar fell on Wednesday following the release of Chinese growth data, despite the figures coming in stronger than expected.

China’s economic growth hit 7.5 per cent year-on-year in the April-June quarter, better than the 7.4 per cent economists were expecting.

Chinese industrial production also beat expectations at 9.2 per cent year-on-year. Economists were forecasting 9.0 per cent.

The figures were another sign that the Chinese economy had stabilised after some concerns at the beginning of 2014, National Australia Bank senior economist Spiros Papadopoulos said.

That should have been good news for the Australian dollar, but it wasn’t.

“Despite the better Chinese data, the Australian dollar lost a bit of ground and hit a low of 93.30 US cents yesterday afternoon,” Mr Papadopoulos said.

“But overnight the Australian dollar has recovered its losses.”


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